While the housing market is rebounding, many people in Lynchburg VA are still struggling to make their mortgage payments. They want to know How to Avoid Foreclosure in Lynchburg VA
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of things that you can do to avoid foreclosure in Lynchburg.
It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
So lets find out how to avoid foreclosure of your Lynchburg home.
The Keys of How To Avoid Foreclosure, Don’t Abandon Ship
It’s important to take action as soon as possible if you are struggling to make your mortgage payments. The longer you wait, the more difficult it may be to avoid foreclosure.
Many people simply give up and walk away from their home. There are even areas of Lynchburg that have begun to resemble ghost towns, as the economy has impacted residents significantly.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Lynchburg are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
Consider a short sale: If you owe more on your mortgage than your home is worth, a short sale may be an option. In a short sale, you sell your home for less than you owe on your mortgage, and your lender agrees to accept the proceeds as payment in full.
File for bankruptcy: Filing for bankruptcy may be an option if you are unable to make your mortgage payments and are facing foreclosure. Bankruptcy can temporarily halt the foreclosure process and give you time to work out a solution with your lender.
We understand that the possibility of losing your home can be stressful. You aren’t alone. People all over Virginia are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you stop foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.